Business Startup Advice

Things to Know When You Are Starting A Business Part 1

Starting your own business can be a very exciting time.  Finally, those dreams are becoming a reality, the mood boards are coming alive, the late-night thoughts & chats are becoming real, your idea scribbles are translating into something real!

As well as an exciting time, it can be a daunting time. With so much advice out there, a world of information & varying opinions about the ‘right’ way to start it can be confusing knowing what to prioritise!

We have rounded up some of the most helpful things you need to know when starting your own business!  

At Kalc we are passionate about getting your new business started, see how we can help you. Get in touch at info@kalcaccounting.ie or on 01 8084191. 

Here are some of the most frequently asked questions our team get asked, 

How Important is a Business Plan?

Yep, it’s important BUT it can be an outline rather than a fully detailed end product to get started. As a new business many things you will only be able to work out when you get started, but it is important that you have researched your idea, know your market & market opportunity as well as have clear goals and KPIs for the business. Crucially you will also use your plan to understand your projected income & outgoings to ensure the business is viable and has potential to provide more than a hobby, that it will generate income for you. 

What Kind of Bank Account do I Need?

We would always recommend that you set up a business account no matter whether you are setting up as a Sole Trader or a PLC company- this makes doing things like expenses much easier to separate your personal spending & business spending. If you set up your business as a Personal Limited Company, a business bank account is mandatory.

Can I Employ a Family Member?

Yes you can. Whether a sole trader or a limited company you can employ a spouse or otherwise. If this is something you are hoping to do in your business, we will be happy to explain the requirements & how this works to ensure you remain 100% compliant. 

Will I Need to Complete an Income Tax Return?

Yes, all businesses are required to submit a tax return at year end. Don’t worry though we look after this 100% for you as part of your monthly fee! Your dedicated account manager will ensure you are always kept up to date with tax due, so you won’t get any nasty surprises at the end of the year…phew!

How Do I Invoice For My Services? 

At Kalc we have fully integrated invoice systems online meaning you have a ready-made invoicing template that you can use and send direct to invoice for your services

Should I be VAT Registered?

There are several factors that will determine whether you should be VAT registered. 
The first of which is outlined by Revenue as your threshold. For example, if you are selling goods, the threshold for VAT registration is €75,000, meaning that as soon as turnover hits €75,000 within any 12-month rolling period, you will be required to register for VAT. 

Many businesses will register for VAT immediately if they are making purchases for the business that carry significant VAT. 
Some clients, particularly in the B2B space will only engage with companies that are VAT registered

Are there Grants available to New Startups?

Yes, lots of them! Our team can help advise you and point you in the right direction to ensure you are availing of the maximum level of grants available to you and your new venture. LEO are another great resource to consult for information on grants available and application requirements. Chcek out our blog on some of the grants available here

 

At Kalc we are experts in getting your business up and running as well as maximizing efficiencies when you get going. We will help you on everything from accountancy, bookkeeping, payroll management, export, consultancy & everything in between. 

Contact our team today and see how we can help you and your business idea thrive. 

 

 

 

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